![Token Young (YNG): updates and news Q2 2024](/static/048b19f176649635000bbc7dc64ce7ed/87706/Report-Token-YNG-2.png)
Let’s summarise the Q2 2024 YNG token report. What happened in this news-packed quarter? What are the following steps to be taken?
What happened in the last quarter? What were all the targets achieved in Q2 2024? How many tokens were issued, bought and sold, and what are the next steps? A complete overview in this report, compiled in July 2024.
The numbers of Young Platform Clubs in Q1 2024
YNG is Young Platform’s utility token, which grants access to Clubs the subscription plans that offer exclusive benefits dedicated to our biggest supporters.
The clubs currently consist of 1,699 people, divided into:
- 1256 for the Bronze Club
- 195 for the Silver Club
- 123 for the Gold Club
- 125 for the Platinum Club
To join a Club, a certain amount of YNG must be blocked on the Young Platform exchange. Therefore, the number of registered members is essential for analysing the distribution of the token, especially since the more people join a Club, the lower the selling pressure on YNG will be. The main consequence? A more stable price of YNG.
If we compare these figures with those of the past, Q2 2024 was flat from the point of view of Young Platform Club adoption. At the end of Q1 2024, there were 1,687 members, divided into:
- 1238 for the Bronze Club
- 199 for the Silver Club
- 122 for the Gold Club
- 128 for the Platinum Club
As a result, club membership has remained virtually the same, with a weak growth rate of around 0.7%. However, given the market performance of the past months, we can be quite optimistic for the near future. Despite the general bearish movement, which, as anticipated, also affected YNG, the number of members in the Clubs has, albeit slightly, grown.
Distribution of the YNG token
The number of YNG in circulation in April was about 23.5 million. The circulating supply in July was about 23.6 million, meaning a net increase of about 78,449 tokens or 0.33%.
These tokens were distributed via the Young Platform Step app in different ways:
- 19,473 through the completion of Quizzes, Challenges and Up&Down (before the implementation of the levels).
- 58,975 through the completion of the Levels.
The YNG token market is managed via an algorithm defining the exchange rate through two underlying liquidity pools, EUR and YNG. At launch in May 2022, these pools contained:
- 1 million
- 4 million YNG
Considering the sales and purchases of tokens handled in recent months, as of July 2024, the pools contain:
- 669,000 Euro
- 6.32 million YNG
This configuration is the result of purchases and sales during the third quarter, summarised below together with the price trend:
YNG’s emissions in 2023
What happened during the second quarter of 2024 from the point of view of tokenomics? How the token is issued changed last year after the 3.0 Step update. Now that a bit of history is available let us see how the introduction of XPs aimed at limiting YNG inflation has affected it.
As can be seen from the graph, thanks to the latest Step update, we were able to severely limit the distribution of YNG. The issuance of new tokens was reduced by 95%, and a reduction in active users also caused this effect.
The price of YNG
In terms of price action, the second quarter of 2024 was in line with the crypto market’s performance.
The YNG token in the first quarter of 2024, also thanks to the launch of the new Smart Trades feature, rose from the €0.10 level to the €0.13 level. In the following months, however, thanks to the retracement of most cryptocurrencies on the market, it returned to support in the €0.10 area. However, from the beginning of July onwards, it seems to have regained some strength.
The main catalyst that could bring YNG back to the vicinity of the resistance that rejected it during April is the launch of the decentralised market, scheduled for the coming months. The following paragraphs provide all the details on this issue.
Targets achieved in the second quarter of 2024
During Q2 2024, we mainly focused on taxation, mainly because the deadline for declaring cryptocurrencies was 30 June 2024. In addition, we carried out all the necessary activities to comply with the European crypto regulation, Market in Crypto Assets (MiCA), which partially came into force at the end of June. This report is an excellent excuse to summarise the work done over the last three months. Let’s look in detail first at all the steps taken in 2024 to increase the attractiveness of our YNG token.
The Fees and Reports Functionality
The central topic of Q2 2024 was the crypto declaration. Compared to previous years, mainly due to the Agenzia delle Entrate, circular 30E and the Italian Legge di Bilancio for 2023, the obligation to declare one’s crypto was explicitly highlighted. Mainly due to two issues, as the documents mentioned above state:
- Meet regulatory requirements for combating money laundering and terrorist financing.
- Determine the taxes due based on the potential income generated.
How did we enable our users to comply with the latest regulations as easily and intuitively as possible? Above all, how have we tried to make our YNG token more central, also regarding this issue?
The flagship feature, revamped from 2023, is the Tax Report. This time, however, it has been placed within a larger section, which we have decided to call ‘Taxes and Reports‘, built to become the only medicine needed against the declaration ‘headache’, and consists of these services:
- The Young Platform Tax Report was updated for the 2024 declaration – valid for the income declaration in Italy.
- The Tax Report Integrated with Okipo (exchange, wallet and third blockchain) – valid for the declaration of income in Italy.
- The Young Platform Transaction Report
- Stamp duty
- The consultancy service with our accountants – valid service for the declaration of income in Italy.
To ensure the best possible experience for members of the Young Platform Clubs, populated by our most loyal supporters, we applied graduated discounts for each service in the ‘Fees & Reports’ section.
The following discounts have been applied to the
Tax Report, consisting of a practical PDF with a clear and simple outline of all the cryptos you own and the data you need to fill in your tax return, including the facsimiles of Form RW and Form RT, compared to the starting price of €29
- Club Bronze: 10%.
- Club Silver: 20%.
- Club Gold: 40%.
- Platinum Club: 80%.
The same percentages were also applied to Okipo’s Integrated Report. This document is designed for Young Platform users who also use other exchanges, own NFTs, have cryptocurrencies on DeFi platforms or simply store their crypto-assets on wallets outside of Young Platform:
- Club Bronze: €54 (instead of €229 per fiscal year).
- Club Silver: €49 (instead of €229 per fiscal year).
- Club Gold: €44 (instead of €229 per fiscal year).
- Platinum Club: €39 (instead of €229 per fiscal year).
Listing of the Young Token (YNG)
Some of the most interesting news, as far as the last quarter is concerned, concerns our YNG token. In contrast to what we wrote in the previous report, where we assumed that we would start trading on decentralised exchanges by the end of the third quarter of 2024, the set-up has changed slightly.
First of all, we have decided to place this activity within the evolution process of our products, the main points of which you will find at the end of this Report. In addition, we intend to include, before the opening of the Liquidity Pools, two sales phases (one private and one public). There are three main reasons for this decision:
- strengthen YNG’s liquidity;
- increase the budget to support the project (to be allocated mainly to development and marketing in order to achieve the ambitious internal goals we have set ourselves);
- maximize interest around the event: in this way, we expect to be able to reach a wider audience of crypto users who are active in the decentralised market but are not yet familiar with our ecosystem.
In any case, the work that will allow us to expand into the decentralised market has officially begun, after the company’s management approved the operational plan. This foresees YNG landing on the decentralised exchange (DEX) by the end of 2024.
In addition, we have started to dialogue with several decentralised blockchain protocols, specifically some Layer 2s of Ethereum. This activity has several objectives. First of all, it aims to identify the ecosystem that best matches our principles and values since we want to open the pools on at least one other blockchain besides Ethereum, where the deployment of YNG took place. We also need to define, together with the stakeholders, the incentive programme for those who will use our token.
In the first few days after the ‘green light’, we worked on the necessary documentation to tackle the next steps, which we will present to the Platinum Channel members of our Discord server in the coming weeks. If you are a club member but are not yet in the dedicated channel, join and check your mail. You should have received a form!
As already mentioned, work on the ‘token project’ is being carried out in a manner consistent with that on the corporate roadmap, as we intend to make YNG increasingly central within our ecosystem. As was already the case with the Smart Trades feature, in fact, each new feature will introduce new benefits for club members, incentivising users who are not members to join.
Discord Leaderboard
The first round of prizes for Discord users is on its way! These days, we are collecting all the necessary data to send out the prizes at the beginning of September.
If you are registered on Young Platform, you should have received a notice about it. For those who don’t know what it is, it is the Young Platform community’s common space where you can exchange opinions and thoughts about your journey in the crypto world.
OK, but what is the communication for? Within the server, there is a leaderboard in which members are ranked according to the XP (experience points) they have earned through their activity. In order to reward the most active members, however, we need to link their username to their Young Platform account. If you are not yet part of this exciting group, you have to join! After all, an adventure becomes much more exciting when shared.
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News on the way!
Now ‘comes the good stuff’ and even some spoilers.
As anticipated, during the second quarter of 2024, we focused a lot on the fiscal and regulatory aspects of our industry, given the various deadlines that were looming. At the same time, however, we were also able to plan for the future, setting new and ambitious goals for the coming ones. Check out the main ones.
Staking, we’re almost there!
At the end of June, the European Securities and Markets Authority (ESMA), the body that regulates financial markets and instruments for the European Union, commented on this issue by publishing a Q&A on its official website. One of the questions in the document concerned staking, specifically whether or not MiCA prohibits such activity. ESMA’s answer was quite clear: MICA does not prohibit staking and does not assume that a licence is required to offer it, provided that those providing the service, the so-called crypto-asset service providers (CASPs), act in a manner compliant with the regulations and are liable to their clients for any loss of crypto-assets attributable to them.
For this reason, we immediately set to work on integrating this service along with the ever-present benefits for our Club members, due out by the end of Q3 2024.
Join a Club!
Account & Card
As many of you may have noticed, we are gathering your feedback and opinions through a form and one-to-one interviews to decide our next big innovation. Your ideas are crucial in shaping our future.
We have something special in the works, a project that has been part of our plans for a long time. Recently, we decided to take it up again, thanks to new opportunities that allow us to think big.
Imagine a novelty that allows you to combine the best of traditional and digital worlds, a feature that does not merely offer a simple tool but aims to transform your daily experience into something revolutionary. We want to differentiate ourselves from our competitors and create something unique, not just an accessory but a valid extension of our ecosystem.
We aim to launch this novelty by the end of the first quarter 2025. We are working on various ideas to reward our Club members and further enhance the YNG token, perhaps with incentives to increase your engagement and rewards.
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